Market Closes - May 30, 2017

CBOT futures closed 1-2 percent lower with corn and soybean futures settling near the day’s lows. Futures opened on Sunday evening near steady, weakened overnight and then dropped significantly as trade re-opened at 830 a.m. CT. Traders credited drier weather for the weakness. The spec funds supposedly were very aggressive sellers today adding to their short positions. While corn futures dropped back near the bottom of the sideways trading range, soybean futures fell to new lows last seen in March 2016 for the July contract and August 2016 for the November contract.

Beyond the nearby June Live Cattle contract, cattle futures closed higher with big gains in Feeders. Today’s gains were great, but didn’t recover all of the huge losses posted Friday ahead of that afternoon’s Cattle on Feed Report. LC futures’ discount to last week’s average cash price of $131.59 is supportive. Choice beef dropped .35 to 245.25 and Select gained 1.00 219.45.

Lean Hog futures closed lower with the June LH contract being hit the hardest. However, this follows Friday’s surge to a new contract high. Lower cash hog prices weighed on the market. FOB Plant Pork dropped .15 to 90.13.

**Lexington Tuesday sale held at Richmond yards while new yards is under

construction**
Compared to last Tuesday steer and heifer calves sold 1.00 to 3.00 higher with good demand. Yearling steers 2.00 to 3.00 higher with good demand. Quality was good through attractive. Slaughter cows and slaughter bulls sold steady with good demand.